Venezuela: Next step crypto-bank

Venezuela has already attracted attention this year with the introduction of its own national cryptocurrency. But the country is ready to go one step further in terms of crypto. The government is already planning to set up its own digital crypto bank for the country.

On February 20, the pre-sale of the first government-issued cryptocurrency was launched. Above all, the goal of the Petro was to make the Venezuelan government more independent of the global financial system, which is still dominated by the US dollar. The currency should therefore be linked to the national oil reserves of the country based on the now abolished gold standard. Another motivation of the government is likely to be a reaction to the galloping inflation and the devaluation of Bolivar, the actual national currency.

If one believes official statements, then the Petro in his first months is a complete success. On the first day of pre-sale, the Venezuelan government took 735 million US dollars to sell the Petro. The ICO of Petro is said to have flushed more than 5 billion US dollars in the state coffers – see video:

A separate crypto-bank for the petro

Now Venezuela is willing to take the crypto-mania one step further. Telesur reports that the government plans to set up a national crypto bank. As President Maduro announced last week, he plans to provide 20 million petro for this. This is equivalent to about $ 1.2 billion in basic equipment to support crypto initiatives. The bank should address itself to the young people and students of the country.

With the bank, the use of the Petro is to be further promoted and established in the country. The actual use of the Petro is rather sluggish. Maduro tried in vain to push through the Petro in the neighboring countries of Venezuela. But the US has also shown little cooperative attitude towards the newcomer in the crypt world. President Trump has already banned US citizens from any dealings with the Venezuelan cryptocurrency. It remains to be seen if the establishment of the crypto-bank will help Petro to more success.

Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. The information does not constitute investment advice or an offer to invest.

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